United States

Russian-Venezuelan lender Evrofinance faces restrictions on FX trading

Reuters | Mar 15, 2019 at 1:17 PM
  • The main shareholder in the sanctioned lender, with a 49.99 percent stake, is the Venezuelan state development fund Fondo De Desarrollo Nacional.
  • VTB and Gazprombank are both expected to hand over their stakes in Evrofinance Mosnarbank to the Russian state property agency following the imposition of sanctions.
  • Which has offices in Moscow, Caracas and Beijing, it had a corresponding U.S. dollar account with J.P. Morgan Chase Bank.

United States

IEA: OPEC has enough spare capacity to cover any Venezuela loss

United Press International (UPI) | Mar 15, 2019 at 12:28 PM
  • OPEC has enough spare capacity to cover even a major loss of supply from Venezuela, where it is uncertain “if the fixes are durable” to overcome the latest electricity crisis.
  • The International Energy Agency noted that the 1.2 million barrels of crude oil per day cut agreed to by OPEC and non-OPEC in December, and which started to be implemented in January, covers Venezuela’s total production.
  • Russia has been much slower than Saudi Arabia to reduce crude production under the deal, which was reach in December when OPEC and non-OPEC participants agreed on a combined 1.2 million barrels per day reduction to help support crude oil prices — of which OPEC accounted for 800,000 barrels of the cut.

Russian Federation

Gazprombank intends to transfer its stake in Eurofinance Mosnarbank to Federal Property Management Agency and conducts relevant consultations

TASS Russian News Agency | Mar 15, 2019 at 12:04 PM
  • On March 11, the U.S. Treasury added the Russian-Venezuelan Eurofinance Mosnarbank to the sanction list due to the situation in Venezuela.
  • On March 13, Visa and MasterCard suspended Eurofinance Mosnarbank’s membership.
  • Eurofinance Mosnarbank is 49.99% owned by the Venezuelan national development fund Fonden S.A., while 25% plus 1 share each are owned by Gazprombank (and its subsidiary Novfintech) and VTB (and its foreign structures VTB Bank and ITC Consultants).

Russian Federation

Eurofinance Mosnarbank may be capitalized after its transfer to Russian Federation treasury – Siluanov

TASS Russian News Agency | Mar 15, 2019 at 11:44 AM
  • Head of VTB, Andrei Kostin, even before the introduction of the US sanctions, announced VTB’s plans to withdraw from the bank’s capital.
  • On March 13, Visa and MasterCard suspended Eurofinance Mosnarbank’s membership.
  • Eurofinance Mosnarbank is 49.99% owned by the Venezuelan national development fund Fonden S.A., while 25% plus 1 share each are owned by Gazprombank (and its subsidiary Novfintech) and VTB (and its foreign structures VTB Bank and ITC Consultants).

Russian Federation

Russia believes Western sabotage caused Venezuelan blackout

TASS Russian News Agency | Mar 15, 2019 at 11:34 AM
  • Moscow believes that an act of Western sabotage was the reason behind the recent large-scale power outage in Venezuela, Russian Foreign Ministry Spokeswoman Maria Zakharova said at a briefing on Friday.
  • Zakharova also noted that Western countries were increasingly using such harmful methods, aimed at affecting infrastructure facilities, as part of the so-called hybrid war.

Japan

U.S. mulls sanctions to limit Visa, Mastercard in Venezuela

Japan News | Mar 15, 2019 at 11:15 AM
  • The United States is considering imposing financial sanctions that could prohibit Visa Inc., Mastercard Inc. and other financial institutions from processing transactions in Venezuela, a senior Trump administration official said on Thursday.
  • The move, which has not been finalized, would represent another step in tightening the financial noose on the government of President Nicolas Maduro and his supporters.
  • U.S. President Donald Trump’s administration has hit Maduro’s government, his political allies and Venezuela’s state-owned oil company PDVSA with a series of sanctions since recognizing opposition leader Juan Guaido as the country’s interim president at the end of January.